Number of applicants for Lithuania's Startup Visa program soars 41% in 2018

ome 178 foreign companies applied for the Startup Visa program in Lithuania last year, up by 41% from 126 in 2017, the first year of the scheme aimed at attracting foreign startups to the country. reported LETA/BNS.

41 of the 178 applications were approved as eligible for a startup visa, up from 28 endorsed in 2017, Startup Lithuania, the startup ecosystem development unit of the government's export promotion agency Enterprise Lithuania, said in a press release.

"The growing number of applications for Startup Visa is a good sign, but we have to compete with Poland, Slovakia, the Czech Republic or many other countries of the world even for the companies that have applied," it quoted Economy and Innovation Minister Virginijus Sinkevicius as saying.

Roberta Rudokiene, head of Startup Lithuania, says foreign startups highly appreciate the business environment in Lithuania.

"Entrepreneurs from Belarus, Ukraine and Russia, who appreciate the existing legal and tax system in Lithuania for developing innovative businesses, show the most interest in Lithuania's startup," she said.

"However, we also receive applications from countries such as Japan, South Korea or Australia. Startups from these countries have already successfully set up their businesses in Lithuania".

EU economy’s future: slow but positive growthGrowth in all EU states will continue in 2019-20, though at a slower pace than before. The largest EU’s economies will grow at around 1,5-1,7%, mostly in Poland, Spain and Holland. The Baltic States’ growth will continue to be on the positive trend.